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Memry gets $2.75 million loan to help fund expansion

Dirk Perrefort
| on July 30, 2014

Memry Corp., a Bethel manufacturing company, will receive a $2.75 million partially forgivable loan from the state with the promise to hire as many as 76 employees in the next three years, the governor's office announced Wednesday.

Executives with the company had told The News-Times earlier this month they were negotiating with the state about a possible incentive package but were unable at the time provide details.

According to a statement released by Gov. Dannel P. Malloy's office, the company will receive a $2.75 million low-interest loan from the state Department of Economic and Community Development that will help to cover the costs of a nearly $8 million expansion of the company's facilities.

Up to $1.3 million of the loan is forgivable if the company retains its 153 employees while adding another 76 workers to its ranks by November 2017.

"This investment is strategic for the continuous growth of our company and will create high-quality jobs in precision manufacturing here in Connecticut" said Nicola Di Bartolomeo, Memry CEO. "We greatly appreciate the assistance the state of Connecticut and DECD have provided in funding our expansion."

Company officials announced earlier this month that they are adding 15,000 square feet of manufacturing space to its 37,000-square-foot facility to take advantage of future business opportunities.

The company is a leader in manufacturing components for the medical industry created from Nitinol, a nickel-based alloy with unique properties including shape memory and super elasticity.

"Due to rapidly growing demand, Memry is planning a nearly $8 million project that will add 15,000 square feet of space and create a center of excellence for the manufacturing of advanced nitinol components," DECD commissioner Catherine Smith said in the statement released Wednesday. "DECD's investment will help fund new machinery and equipment, a project that will allow Memry's innovative minds to explore even more with this groundbreaking material."